{
  "id": 12153897,
  "title": "South Korea Plans to Triple Canadian Crude Imports as Saudi Share Slips",
  "url": "https://urgent.news/2026/10/05/south-korea-plans-to-triple-canadian-crude-imports-as-saudi-share",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-05T12:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/South-Korea-Plans-to-Triple-Canadian-Crude-Imports-as-Saudi-Share-Slips.html"
  },
  "original_language": "en",
  "account": "South Korea is set to triple its imports of Canadian crude oil while the share of Saudi crude declines, according to recent reports. In the first eight months of the year, Saudi crude oil made up 29.9% of the resource-poor G7 nation's total crude imports, according to data from Korea National Oil Corp. and the Korea Petroleum Association. This marks the first time since 2021 that Saudi crude's share has fallen below the 30% threshold. The decline in Saudi crude imports is attributed to the Iran war, which caused the closure of the Strait of Hormuz, stranding part of Saudi shipments and triggering spikes in oil and freight prices.\n\nTo counter this, South Korea has been actively seeking alternative suppliers. U.S. crude oil imports surpassed 20% of the total in April and have remained above this mark ever since. In April, South Korea secured 273 million barrels of Middle Eastern and Kazakh crude, enough to sustain its economy for over three months without relying on the Strait of Hormuz. The country also inked a deal with Canada in June to triple its crude imports from Canada this year and increase LNG purchases from Canadian projects in the future. Currently, about 70% of South Korea's crude oil comes from Middle Eastern producers, with most needing to pass through the Strait of Hormuz. However, the South Korean industry ministry aims to reduce this reliance to 50% by 2035.",
  "summary": "The share of Saudi crude in South Korea’s oil imports dipped below 30% for the first time since 2021, as the resource-poor G7 economy moved to diversify supplies amid the Middle East crisis. In the period January to August, Saudi crude oil accounted for 29.9% of total South Korean crude imports, local news agency Yonhap reported on Monday, citing data from Korea National Oil Corp. and the Korea…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}